The cancellation of the auctions has complicated the possibility of signing long-term contracts with a qualified offtaker that make the project bankable.

We choose to regard the cancellation as an opportunity. It forced us to review /reset our business strategy to become less dependent on governmental decisions.

Since the beginning of the market 4 years ago, investors and market participants have needed more data in order to accurately forecast prices and quantify risks.

Infrastructure is our biggest challenge in Mexico. Inter-connectivity and the capacity to process hydrocarbons in harmony with Pemex’s current capacity.

Time is our biggest challenge. The exploration period is very short at two years, and with the time taken to do diligent subsurface work, and obtain all required permits to drill, it leaves a short time window to explore effectively.

Given that we can invest both directly or through our platforms and jointly with our investors, we can be quite flexible from an equity check perspective. We do both greenfield and brownfield, obviously seeking different returns.